Friday, Jul 22, 1983
Palo Alto, Calif. -- July 22, 1983 --Hewlett-Packard Company and Genentech, Inc. today announced the formation of a joint venture to develop instruments and related systems for worldwide use by industries engaged in biotechnology. The joint venture will be called HP Genenchem. The two companies first announced their intention to form a joint venture on May 24, 1983.
Hewlett-Packard will be majority owner and manager, through its Analytical Products Group. The president will be Ivan L. Crocket, 46, former research-and-development manager of HP's Avondale, PA division within the Analytical Products Group.
Genentech will hold a minority equity position and, under a separate agreement, will provide consultation services to the joint venture.
According to Robert A. Swanson, president and chief executive officer of Genentech: "Because there have been major unfilled needs for instrumentation in biotechnology research and product development, Genentech has undertaken its own instrumentation program - including related hardware and software. We will now transfer much of this know-how to our new joint venture, in order to extend the state of the art. With the benefit of Hewlett-Packard's leadership position in computers and instrumentation, our ideas and advances in this area can be expanded upon and carried quickly forward into commercial products."
"HP is contributing broad product and marketing capabilities to this joint effort," said John A. Young, HP president and chief executive officer. "We believe Genentech's pioneering work in bioscience and bioengineering provides HP with a window for expansion into new instrumentation technology. This technology could help shape many industries engaged in biotechnology, including the pharmaceutical, agricultural and industrial-process industries."
HP Genenchem will focus on the development of instruments and systems for research and process control in the bioengineering field. Such instruments potentially would include automated DNA sequencers and synthesizers; protein sequencers and synthesizers; advanced systems for the analysis of biological materials; and computerized systems for the monitoring and control of biological processes.
Hewlett-Packard Company designs and manufactures computers, test and measurement instruments, medical electronic equipment components. Primary products of the Analytical Products Group are laboratory data systems and instrumentation for chemical analysis, including such instruments as gas chromatographs, liquid chromatographs, mass spectrometers and spectrometers.
Genentech, Inc. is a leader in the development, manufacture and marketing of recombinant DNA products for pharmaceutical, agricultural and industrial chemicals markets. The company has achieved a number of scientific advances, including the development of human insulin which was the first pharmaceutical produced through recombinant DNA technology to reach the marketplace.
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